[The following information applies to the questions displayed below.] Note: Assume all raw materials were used as direct materials. Inventories Raw materials inventory Work in process inventory Finished goods inventory Activity during current year Raw materials purchased Direct labor Factory overhead Beginning of Year End of Year $ 8,000 $ 11,500 16,000 12,500 11,000 7,500 $ 127,500 96,000 45,000 Compute the cost of direct materials used for the current year. Cost of Direct Material Used is Computed as: